Tether posted a $10 billion profit for 2025, down from $13 billion in 2024. The company said profits for last year were down because it shifted toward highly liquid, low-risk assets, with total reserves hitting a high of $193 billion.
The firm added around 27 metric tons of gold to its fund exposure in the last quarter of 2025. Tether holds gold not only to back USDT but also XAUT, a token designed to give holders ownership of gold.
In 2025, Tether continued stockpiling assets and said it had more exposure to US Treasuries than ever before, with direct holdings exceeding $122 billion. Tether this week entered the US market, debuting a USAT, a regulated digital token designed to operate under the Genius Act.
The main product, the USDT token, is backed by reserves so it can function as a digital dollar. The combination of reserves with gold holdings and U.S. Treasuries supports this role.
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